System and method for automatically replenishing an electronic payment account

ABSTRACT

The invention provides a computerized electronic auction payment system and method for effecting a real-lime payment for an item won in an electronic auction by setting up and maintaining electronic auction payment accounts for prospective bidders and sellers. In one embodiment, upon being deemed as a winning bidder, the winning bidder accesses a payment page, enters the total amount of funds to be transferred to the seller, and authorizes the computerized electronic auction payment system to effect a real-time payment by debiting his, i.e., the winning bidder&#39;s, respective electronic auction payment account and crediting the electronic auction payment account of the seller, and/or another account specified by the seller. In an alternate embodiment, the prospective bidder authorizes the computerized electronic auction payment system to effect a real-time payment to the seller upon the prospective bidder being deemed the winning bidder (i.e., immediately following the conclusion of the auction). That is, without the winning bidder having to access the payment page. Funds can be automatically transferred to the electronic auction payment accounts on a periodic basis and after funds are deducted from the payment accounts to replenish the funds deducted from the payment accounts. A fee can be charged by an operator of the computerized electronic auction payment system for automatically transferring funds to the electronic auction payment accounts and for automatically replenishing the payment accounts.

PRIORITY

This application is a continuation application of a patent applicationfiled on Sep. 5, 2001 and assigned U.S. application Ser. No. 09/946,616which is a continuation-in-part application of U.S. Pat. No. 7,483,856issued on Jan. 27, 2009 and filed on Jan. 17, 2001 and assigned U.S.application Ser. No. 09/964,618, the entire contents of the patentapplication and the U.S. patent are incorporated herein by reference.

FIELD OF THE INVENTION

The present invention relates to a computerized electronic auctionpayment system and a method for effecting a real-time payment using thecomputerized electronic auction payment system for an item won on anelectronic auction, where users access the computerized electronicauction payment system by remote terminals via an electronic network,such as the Internet.

BACKGROUND OF THE INVENTION

A conventional auction is a prior art process in which bids from biddersare received by an auctioneer for an item to be sold. The bidder whosebid is the highest at the termination of the auction (the “successful orwinning bidder”) becomes the purchaser of the item.

With the advent of electronic networks, such as the Internet, electronicauctions have become tremendously popular. Electronic auctions typicallyentail a seller of an item accessing an electronic auction web site,such as EBAY™ and YAHOO!™ Auctions, using a remote terminal and a webbrowser via the electronic network. The prospective seller then liststhe item for sale with a short description describing the item which mayinclude a scanned photograph of the item, provides a beginning sellingprice, and a date and time for the auction to end. Generally, the dateand time for the auction to end must be at least seven to ten days fromthe present date and time; the present date and time is generally set asthe date and time for the auction to begin by an auction managementsystem, such as software and hardware modules, overseeing the electronicauction web site.

The seller can also provide, prior to initiating the commencement of theelectronic auction, any additional costs the winning bidder will have topay, such as shipping and handling fees and taxes, and any additionalcosts the winning bidder is recommended to pay, such as shippinginsurance. Additional information which is provided by the seller or theelectronic auction web site management system, prior to the commencementof the electronic auction, includes identification informationcorresponding to the seller, e.g., the seller's user-name, and theseller's location.

During the auction, a prospective bidder using a remote terminalaccesses the electronic auction web site via the electronic network andviews the item for sale. The prospective bidder can then submit a bid bytyping a bid amount, which is greater than a displayed current sellingprice, and entering his user-name. The auction web site then informs theuser or bidder whether he is or is not currently the highest bidder. Ifthe bidder is not the highest bidder, the electronic auction web siteinforms the bidder of the current selling price and offers the bidder anopportunity to bid again.

The bidder may not be the highest bidder even though the bidder may haveentered a bid amount greater than the displayed current selling price,because each bidder is allowed to enter a maximum bid amount, i.e., themost the bidder is willing to pay for the item. The electronic auctionweb site, however, typically displays an amount less than the maximumbid amount, which is sufficient to surpass a previous bid, as thedisplayed current selling price. Hence, a current bidder's bid amountmay be greater than the displayed current selling price, but not greaterthan the previous bidder's maximum bid amount. Therefore, the currentbidder will need to bid again if he desires to surpass the previousbidder's maximum bid amount and become the current high bidder.

The electronic auction web site also offers a prospective bidder theoption of sending an e-mail to the seller via the electronic network inorder to obtain additional information about the item offered for sale,prior to bidding for the item. The seller can then e-mail theprospective bidder with the additional information which may assist theprospective bidder in determining whether to bid or not to bid for theitem. Further, if the seller realizes that the additional informationcan be helpful to other prospective bidders, the seller can append thedescription of the item with the additional information to allow anyoneaccessing the section of the electronic auction web site listing theitem to read the additional information.

At the conclusion of the electronic auction, the electronic auction website management system deems the bidder who has the highest bid as thewinning bidder. To effect payment for the item, an e-mail is sent to theseller and the winning bidder informing them to contact each other toproceed with a payment transaction. Upon the seller notifying thewinning bidder of where to send payment, e.g., a check or money order,the winning bidder sends payment equal to the highest bid plus any othercosts, such as shipping and handling, shipping insurance, and taxes, asindicated by the seller. Soon after receiving the payment from thewinning bidder, the seller ships the item to the winning bidder.

Another prior art method for effecting payment for the item won on theelectronic auction entails clicking an icon on the electronic auctionweb site and accessing a payment web site (or a payment segment of theelectronic auction web site). The payment web site typically lists theseller's user-name and the item won. While at the payment web site, thewinning bidder enters credit card information and the amount to becharged to his credit card. Subsequently, a management system overseeingthe payment web site charges the credit card for the entered amount to acompany or entity affiliated with an operator or owner of the paymentweb site. Upon payment confirmation, an e-mail is sent to the sellerinstructing the seller to ship the item to the winning bidder. After twoto three business days, the payment web site management system pays theseller by direct deposit an amount equal to the charged amount minus acommission and a transaction fee. The commission typically paid to theoperator or owner of the electronic auction web site and the transactionfee is paid to the operator or owner of the payment web site.

A variation of this method is for the winning bidder to directlytransfer his credit card information to the seller. The seller thencharges the credit card information and waits for a payment confirmationprior to shipping the item to the winning bidder.

It is a drawback of the prior art methods for effecting payment for theitem won on the electronic auction in that the winning bidder is apt towaiting prior to effecting payment, since the winning bidder will needto perform several tasks, such as, for example, draft a check madepayable to the seller, and mail the check to the seller. The winningbidder is also apt to waiting when he is bidding on other items, sincethe winning bidder usually prefers to draft checks, obtain money orders,etc. and mail them to the various sellers at one time.

Another drawback is that the seller must wait at least two business daysto several weeks before being paid. For example, in the first prior artmethod described above, the winning bidder must draft a check, obtain amoney order, or some other payment document, and mail it to the seller.This two-step process of paying for the item won typically causes thewinning bidder to wait several days before proceeding with payment.Hence, this prior art method causes a delay from the time an auctionended until the time the seller is paid.

With the second prior art method described above, the winning biddermust enter his credit card information every time he wins an item on theelectronic auction. Besides being cumbersome, a percentage of thepopulation does not own credit cards and a percentage of the populationfeels uneasy transferring their credit card information via theelectronic network, especially to unknown sellers. Further, the winningbidder is apt to waiting until the start of a new credit card billingcycle before transferring his credit card information to pay for theitem won on the electronic auction. Again, this prior art method causesa delay from the time the auction ended until the time the seller ispaid.

Another drawback with regards to the prior art methods is that theoperator of the electronic auction web site must wait several days toseveral weeks before being paid a commission by the seller. The operatorgenerally gets paid its commission by charging the seller's credit card,usually after e-mailing the seller and asking for the seller'sauthorization. It is apparent that there exists a delay from the timethe auction ended until the time the operator of the electronic auctionweb site is paid its commission.

Accordingly, there exists a need for effecting a real-time payment foran item won on an electronic auction which overcomes the drawbacksprovided above. Further, there exists a need for allowing the winningbidder to effect payment for an item won on an electronic auctionwithout having to type and transfer credit card information over anelectronic network. Further still, there exists a need for allowing awinning bidder who does not own a credit card or feels uneasytransferring credit card information via the electronic network toeffect payment for an item won on an electronic auction without havingto mail a check, a money order, or other payment document to the seller.Finally, there exists a need for allowing an operator of an electronicauction web site to get paid its commission in real-time at theconclusion of an auction.

SUMMARY OF THE INVENTION

The present invention provides a computerized electronic auction paymentsystem and method for effecting a real-time payment for an item won inan electronic auction using the computerized electronic auction paymentsystem, where users access the computerized electronic auction paymentsystem by remote terminals, such as a personal computer, PDA, cellularphone, etc., via an electronic network, such as the Internet. Thecomputerized electronic auction payment system and method of the presentinvention overcomes the drawbacks of prior art methods and affordsadditional advantages.

According to an aspect of the present invention, the computerizedelectronic auction payment system and method effect a real-time paymentfor an item won in an electronic auction by setting up and maintainingelectronic auction payment accounts for prospective bidders and sellers.The prospective bidders provide funds to their electronic auctionpayment accounts maintained by the computerized electronic auctionpayment system, prior to being deemed as winning bidders, via directdeposit, using a credit card, or sending a check, money order, or otherfinancial document to an operator of the computerized electronic auctionpayment system. In one embodiment, upon being deemed as a winningbidder, the winning bidder accesses a payment page, enters the totalamount of funds to be transferred to the seller, and authorizes thecomputerized electronic auction payment system to effect a real-timepayment by debiting his, i.e., the winning bidder's, respectiveelectronic auction payment account and crediting the electronic auctionpayment account of the seller, and/or another account specified by theseller.

In an alternate embodiment, the prospective bidder authorizes thecomputerized electronic auction payment system to effect a real-timepayment to the seller upon the prospective bidder being deemed thewinning bidder (i.e., immediately following the conclusion of theauction). That is, without the winning bidder having to access thepayment page.

Funds can be automatically transferred to the electronic auction paymentaccounts on a periodic basis and after funds are deducted from thepayment accounts to replenish the funds deducted from the paymentaccounts. A fee can be charged by an operator of the computerizedelectronic auction payment system for automatically transferring fundsto the electronic auction payment accounts and for automaticallyreplenishing the payment accounts.

According to another aspect of the present invention, the computerizedelectronic auction payment system and method enable a winning bidder toeffect payment for an item won on an electronic auction without havingto type and transfer credit card information over an electronic network.

Further, according to another aspect of the present invention, thecomputerized electronic auction payment system and method enable awinning bidder who does not own a credit card or feels uneasytransferring credit card information via an electronic network to effectpayment for an item won on an electronic auction without having to maila check, a money order, or other payment document to the seller.

Further, according to another aspect of the present invention, thecomputerized electronic auction payment system and method enable anoperator of an electronic auction web site to get paid its commission inreal-time at the conclusion of an auction or upon authorization by awinning bidder.

Further still, according to another aspect of the present invention, thecomputerized electronic auction payment system and method provideinsurance to a winning bidder, in the case where the item won is nevershipped to the winning bidder or the item turns out to be non-genuineand/or damaged without the fault of the courier, i.e., shippinginsurance will not cover the damaged item. Accordingly, an operator ofthe computerized electronic auction payment system and method is deemedas being an insurance agent.

Further yet, according to another aspect of the present invention, thecomputerized electronic auction payment system and method invest fundsstored within electronic auction payment accounts set up by users of anelectronic auction web site. Accordingly, an operator of thecomputerized electronic auction payment system and method is deemed asbeing an investment broker.

Yet still, according to another aspect of the present invention, thecomputerized electronic auction payment system and method are capable ofcashing checks drafted against electronic auction payment accounts setup by users of an electronic auction web site. Accordingly, an operatorof the computerized electronic auction payment system and method isdeemed as being a banker.

Also, according to another aspect of the present invention, thecomputerized electronic auction payment system and method make loans tousers of an electronic auction web site who have set up electronicauction payment accounts. Accordingly, an operator of the computerizedelectronic auction payment system and method is deemed as being a loanofficer.

Further still, according to another aspect of the present invention, thecomputerized electronic auction payment system and method maintain andprovide data relating to at least one item having been offered for salevia at least one electronic commerce web site and purchased by a user ofthe at least one electronic commerce web site over a given time periodby using at least funds within a payment account corresponding to theuser and/or at least funds loaned to the user. Accordingly, an operatorof the computerized electronic auction payment system and method isdeemed as being a data analyst and/or manager.

Finally, according to another aspect of the present invention, thecomputerized electronic auction payment system and method provideincentives to users of an electronic auction web site for setting up andmaintaining electronic auction payment accounts for buying and sellingitems using the electronic auction web site. Accordingly, an operator ofthe computerized electronic auction payment system and method is deemedas being a promoter.

In particular, the present invention provides a payment system foreffecting payment to a seller of an item offered for an electronicauction sale and won by a winning bidder at the conclusion of theelectronic auction sale. The system includes a database containing aplurality of electronic auction payment accounts, where the plurality ofelectronic auction payment accounts are configured for storing fundstherein and capable of being configured for automatically having fundstransferred thereto from various sources, and where one of the pluralityof electronic auction payment accounts corresponds to the winning bidderand one of the plurality of electronic auction payment accountscorresponds to the seller; and a web server computer includingapplication software for effecting payment by accessing the database anddebiting an electronic auction payment account corresponding to thewinning bidder and crediting at least one account corresponding to theseller without any intervention by the winning bidder following theconclusion of the electronic auction. The steps of debiting theelectronic auction payment account corresponding to the winning bidderand crediting the at least one account corresponding to the seller occurin real-time.

The present invention also provides a method for effecting payment foran item offered for an electronic auction sale by a seller and won by awinning bidder at the conclusion of the electronic auction sale wherecomputer terminals of potential purchasers are used to access anelectronic auction web site maintained by an auction server computer.The method includes the steps of: debiting an electronic auction paymentaccount corresponding to the winning bidder, where the electronicauction payment account is configured for storing funds therein andcapable of being configured for automatically having funds transferredthereto from at least one source corresponding to the winning bidder ofthe item; and crediting at least one account corresponding to the sellerto effect payment for the item won by the winning bidder. The steps ofdebiting the electronic auction payment account corresponding to thewinning bidder and crediting the at least one account corresponding tothe seller occur in real-time.

Further, the method includes the steps of automatically replenishing thepayment account corresponding to the user after the step ofautomatically deducting funds from the payment account, and charging afee for automatically replenishing the payment account corresponding tothe user of the electronic auction web site.

BRIEF DESCRIPTION OF THE DRAWINGS

The foregoing and other aspects and advantages will be better understoodfrom the following detailed description of preferred embodiments of theinvention with reference to the drawings, in which:

FIG. 1 is an overview of a network computing environment including thecomputerized electronic auction payment system according to theinvention;

FIG. 2A is a flow chart illustrating logic processing steps for settingup electronic auction payment accounts using the computerized electronicauction payment system according to the invention;

FIG. 2B is a flow chart illustrating logic processing steps foreffecting a real-time payment using the computerized electronic auctionpayment system where the winning bidder accesses a payment pageaccording to the invention; and

FIG. 3 illustrates a print of a registration page that the computerizedelectronic auction payment system provides to a user for enteringregistration information;

FIGS. 4A-4B illustrate prints of a payment registration page that thecomputerized electronic auction payment system provides to a user forentering payment information;

FIG. 5 illustrates a print of the payment page that the computerizedelectronic auction payment system provides to the winning bidder at theconclusion of an electronic auction;

FIG. 6 illustrates a print of a confirmation page that the computerizedelectronic auction payment system provides to the winning bidder toconfirm the entered payment information; and

FIG. 7 illustrates a print of a bill of sale page that the computerizedelectronic auction payment system provides to the winning bidder uponauthorizing payment to the seller.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

FIG. 1 is an overview of a network computing environment 100 whichincludes the computerized electronic auction payment system according tothe invention designated generally by reference numeral 110. The networkcomputing environment 100 is designed to allow a host of users shown as102 access to an electronic auction web site via a network, such as theInternet 106. Each of the users 102 has a computer terminal with theappropriate software, e.g., a web browser, for accessing the Internet106. The users 102 are unknown to web server computers 107 and 108 of anelectronic auction system 112, such as EBAY™. The web server computers107 and 108 include custom written application software to maintain theelectronic auction web site and allow each user 102 to browse theelectronic auction web site and bid for items and/or sell items as knownin the art.

The web server computers 107 and 108 of system 112 also allow each userto access the computerized electronic auction payment system 110 foreffecting a real-time payment at the conclusion of an electronicauction. The web server computers 107 and 108 also provide data to thecomputerized electronic auction payment system 110, such as the names ofthe winning bidder and seller at the conclusion of the electronicauction.

The computerized electronic auction payment system 110 includes adatabase of electronic auction payment accounts 114 and a web servercomputer 116 having a processor 118 capable of executing a set ofprogrammable instructions stored within a memory 119. The set ofprogrammable instructions are custom written application software toenable the computerized electronic auction payment system 110 to performvarious functions and methods described herein, such as maintaining thedatabase of electronic auction payment accounts 114, and executinguser-specified instructions, such as to loan funds to the user 102 ifthe user 102 has insufficient funds in his account to effect payment.The set of programmable instructions also enable the computerizedelectronic auction payment system 110 to perform the inventive method ofenabling a winning bidder to effect the real-time payment of an item wonon the electronic auction web site as described below with reference toFIGS. 2A-7.

As shown by the large dotted box marked “A” in FIG. 1, the computerizedelectronic auction payment system 110 is located locally with the webserver computers 107 and 108 and is connected to the Internet 106directly and via the web server computers 107 and 108. The computerizedelectronic auction payment system 110 maintains a payment segment of theelectronic auction web site and also enables a user 102 to access thepayment segment.

It is contemplated that the computerized electronic auction paymentsystem 110 can also be located remotely from the web server computers107 and 108 for maintaining the payment segment or an auction paymentweb site independent from the electronic auction web site and forenabling the user 102 to access the payment segment or the auctionpayment web site. The payment segment of the electronic auction web siteor the independent auction payment web site are accessed by conventionalmethods, e.g., by the user 102 clicking an icon on the electronicauction web site, by the user 102 clicking a hyperlink on an e-mail, andby the user 102 typing the appropriate URL in the user's web browser.

The web server computers 107 and 108 share the responsibility forservicing the users of the electronic auction web site. The web servercomputer 116 has the responsibility for registering users of the system110 and servicing the registered users as described below.

The web server computers 107 and 108 are identical and can be duplicatedas additional load on the electronic auction system 112 occurs. The webserver computer 116 can also be duplicated as additional load on thecomputerized electronic auction payment system 110 occurs. Theduplication arrangement provides for immediate expandability of theelectronic auction system 112 and the computerized electronic auctionpayment system 110 by merely adding additional web server computers asnecessary. It is contemplated that network computing environment 100 isprovided with one type of computer server for performing the functionsof the web server computers 107 and 108 and the web server computer 116.

Each electronic auction payment account is configured for storing funds(similar to a bank account) which can be used to effect payment, and notinformation relating to sources which can be used to initiate payment,such as a credit card information. Further, each electronic auctionpayment account is configured for the system 110 to loan funds to, incase there are insufficient funds therein, to effect payment, asdescribed below.

With reference to FIG. 2A there is shown a flow chart illustrating logicprocessing steps for setting up an electronic auction payment accountfor effecting the real-time payment using the electronic auction website's payment segment maintained by the computerized electronic auctionpayment system 110. Step 200 provides for the user 102 of the electronicauction web site, such as EBAY™ and YAHOO!™ Auctions, to access aregistration page 300 (see FIG. 3) of the payment segment to registerand set up the electronic auction payment account.

With reference to FIG. 3, the registration page 300 includes severalfields 302 for the user 102 to enter identifying information, such asfirst name, last name, date of birth, citizenship, mailing address, andsocial security number. It is contemplated that fields can also beprovided for registering corporations, organization, legal partnerships,etc. Such fields could require the user 102 to enter a corporate nameand a tax identification number.

The registration page 300 also includes a field 304 for the user 102 toenter a user-name. The user-name could be identical to a user-name whichthe user 102 has been previously assigned by the electronic auctionsystem 112. The registration page 300 further includes a field 306 forthe user 102 to enter a password. The password could be identical to apassword which the user 102 has been previously assigned by theelectronic auction system 112.

Upon entering the appropriate information on the registration page 300,the user 102 then clicks on a ‘NEXT’ soft button 308. Upon clicking the“NEXT” soft button 308, the computerized electronic auction paymentsystem 110 sets up the electronic auction payment account having theentered information and stores the electronic auction payment accountwithin the database of electronic auction payment accounts 114 (step202). The process then proceeds to step 204 where a payment registrationpage 400 (see FIG. 4A) of the payment segment is accessed.

It is contemplated that prior to proceeding to step 204, the system 110forwards the entered information to a credit checking system to verifythe credit rating of the user 102.

With reference to FIG. 4A, the payment registration page 400 allows eachuser 102 to enter payment information (step 206). The paymentregistration page 400 includes several fields 402 for entering bankaccount information corresponding to a bank account the user 102 wantsthe computerized electronic auction payment system 110 to transfer fundsfrom and to his electronic auction payment account.

The payment registration page 400 also includes several fields 404 forentering credit card information, in order for the computerizedelectronic auction payment system 110 to charge the user's credit cardand deposit funds to the user's electronic auction payment account,prior to the user 102 being deemed a winning bidder for an item won onthe electronic auction web site. The credit card information enteredwithin fields 404 are also used by the computerized electronic auctionpayment system 110 to credit the user's credit card where the user 102is the seller as described below. It is contemplated that the paymentregistration page 400 includes additional fields for entering othertypes of sources, such as other credit cards, other bank accounts,investment brokerage and corporate accounts, to be used for transferringfunds to and from the user's electronic auction payment account.

The payment registration page 400 also provides an address 406 for theuser 102 to mail his payment information (e.g., bank accountinformation, and credit card information) or a check/money order payableto an operator of the computerized electronic auction payment system110, if the user 102 feels uneasy transferring his bank account and/orcredit card information over the Internet 106. A phone number is alsolisted for the user 102 to be able to call a representative of thesystem 110 to provide payment information.

The payment registration page 400 of the payment segment furtherincludes allocation fields 408 for the user 102 to indicate whatpercentage of funds deposited to his electronic auction payment accountshould be derived from charging his credit card and what percentage offunds deposited to his electronic auction payment account should bederived by transferring funds from his bank account. If only a singlesource is entered in payment registration page 400, then 100% of fundsdeposited to the user's electronic auction payment account are derivedfrom that source, and the user 102 does not need to enter anypercentages in allocation fields 408.

The payment registration page 400 also includes allocation fields 410for the user 102 to indicate what percentage of funds transferred to hiselectronic auction payment account from other electronic auction paymentaccounts should subsequently be credited to his credit card and whatpercentage of funds transferred to his electronic auction paymentaccount should subsequently be transferred by direct deposit to his bankaccount. If the percentages entered in each of the allocation fields 410total less than 100%, then a percentage of the funds transferred to theuser's electronic auction payment account from other electronic auctionpayment accounts are retained within the user's electronic auctionpayment account. Accordingly, the total percentages entered plus thepercentage of funds retained within the user's electronic auctionpayment account equals 100%.

It is contemplated that the system 110 automatically transfers thepercentage of funds allocated to user-specified accounts without firsttransferring these funds to the user's electronic auction paymentaccount.

Since each user 102 of the electronic auction system 112 can use thesystem 112 to buy and sell items, it is preferred that each user 102provide allocation percentages in fields 408 and 410. The fields 408 and410 can be expanded for entering additional percentages relating toother accounts, such as investment brokerage and corporate accounts,which could be used for depositing and withdrawing funds to and from theelectronic auction payment accounts.

The percentages entered in allocation fields 408 and 410, like otherinformation entered within the payment segment of the electronic auctionweb site, can be changed and/or reviewed by the user 102 accessing hiselectronic auction payment account stored within the database ofelectronic auction payment accounts 114. The user 102 can access hiselectronic auction payment account by clicking a “MY PAYMENT ACCOUNT”icon while in the electronic auction web site to access a sign-in orlog-in page for entering one's user-name and password, and clicking a“LOG-IN” icon.

The payment registration page 400 also includes a deposit field 412 forthe user 102 to enter the amount of funds he wants to deposit into hiselectronic auction payment account from the various sources entered infields 402 and 404. A withdrawal field 414 is also provided for the user102 to enter the amount of funds he wants to withdraw from hiselectronic auction payment account and transfer to the various sourcesentered in fields 402 and 404.

An automatic payment field 416 is further provided for the user 102 toauthorize the computerized electronic auction payment system 110 todebit the user's electronic auction payment account in real-time everytime the user 102 is deemed a winning bidder. If the user 102 checksthis field, then, at the conclusion of an electronic auction, if theuser 102 is deemed the winning bidder, then the system 110 in real-timedebits the user's electronic auction payment account and credits anelectronic auction payment account corresponding to the seller, and/orother user-specified accounts corresponding to the seller as describedabove with reference to fields 402 and 404. The computerized electronicauction payment system 110 is provided with the names and identificationinformation of the winning bidder and seller by the electronic auctionsystem 112.

If the user 102, i.e., the winning bidder, has no funds in hisrespective electronic auction payment account, the computerizedelectronic auction payment system 110 loans system funds to the user 102to effect the real-time payment. The system 110 loans system funds tothe user 102, only if the user 102 has authorized the system 110 to loansystem funds as described below. Preferably, the system 110 storessystem funds in a system account maintained by a system account database120, as shown by FIG. 1. The system account database 120 is accessibleby the web server 116 for transferring and loaning system funds storedin the system account to the user's electronic auction payment account.

The system account database 120 is also accessible by an externalfinancial system 122, such as a financial institution's local areanetwork, for transferring funds to and from the system accountmaintained by the system account database 120, upon authorization by theweb server 116. For example, the web server 116 can authorize theexternal financial system to wire funds in the amount of US$100,000 tothe system account. These funds can then be used as system funds forloaning to users 102 of the system 110 and for other purposes.

The funds debited from the winning bidder's electronic auction paymentaccount and credited to the seller's electronic auction payment accountin real-time by the computerized electronic auction payment system 110are preferably equal to the final auction price plus any shipping andhandling fees, and taxes. It is contemplated that the computerizedelectronic auction payment system 110 is provided with the total amountof the shipping and handling fees from the electronic auction system112. The system 112 stores these fees from the moment they were inputtedby the seller at the time the seller listed the item on the electronicauction web site.

It is further contemplated that the computerized electronic auctionpayment system 110 debits the winning bidder's electronic auctionpayment account and credits the seller's electronic auction paymentaccount to cover for taxes when the winning bidder and seller are fromthe same state or locality. This is determined by checking the state orlocality corresponding to the winning bidder and the seller as storedwithin the database of electronic auction payment accounts 114. If thestates or localities match, then the computerized electronic auctionpayment system 110 accordingly debits the winning bidder's electronicauction payment account to cover for taxes corresponding to that stateor locality. It is, however, understood that the system 110 can beprogrammed to debit the winning bidder's electronic auction paymentaccount to cover for taxes (equal to a pre-programmed percentagecorresponding to the state or locality and credit the seller's paymentaccount) even when the states or localities do not match, and/or to onlydebit to cover for taxes when the seller has indicated to the system 110during the registration process or afterwards that he is a merchant, orother entity obligated by law to charge and pay taxes.

The computerized electronic auction payment system 110 further withholdsa predetermined percentage of the funds obtained by debiting the winningbidder's electronic auction payment account while effecting thereal-time payment when the automatic payment field 416 is checked. Thesefunds are withheld by the system 110 to pay the commission fees of theoperator of the system 110 and/or the operator of the electronic auctionsystem 112. The withheld funds are preferably stored within the systemaccount maintained by the system account database 120. The remaining ornon-withheld funds are then credited to the electronic auction paymentaccount of the seller, and/or other seller-specified accounts asdescribed above with reference to fields 402 and 404.

Additionally, the computerized electronic auction payment system 110debits the winning bidder's electronic auction payment account forpurchasing insurance and/or to cover personal guarantee fees, if thewinning bidder has accordingly indicated as described below. These fundsare stored within the system account maintained by the system accountdatabase 120 to cover personal guarantee fees, or are transferred to theexternal financial system 122 to purchase insurance.

At the conclusion of the real-time payment, an e-mail is transmitted tothe winning bidder and the seller confirming the transaction. The e-mailalso indicates the total amount of funds debited, withheld andtransferred, the mailing address of the winning bidder, the auctionitem, and the final auction price. The mailing address of the winningbidder is preferably obtained from the database of electronic auctionpayment accounts 114. The auction item and the final auction price areobtained or transmitted from the electronic auction system 112. Thee-mail can further include a hyperlink for linking to a web site wherethe winning bidder and seller can leave comments regarding their paymenttransaction. A hyperlink can also be included for viewing and/orprinting a bill of sale or receipt.

It is contemplated that the automatic payment feature is overridden ifthe winning bidder does not have enough funds in his electronic auctionpayment account and has not indicated to the computerized electronicauction payment system 110 to use system funds as described below. Ifthis is the case, the system 110 informs the winning bidder by e-mail,by sending a page, facsimile, etc. of the fact that the winning bidderdoes not have enough funds within his electronic auction payment accountto effect a real-time payment of the item won.

The winning bidder can then transfer funds into his electronic auctionpayment account and then access the payment page 500 as described belowwith reference to FIG. 5; authorize the system 110 to use system fundsand then access the payment page 500 as described below; or mail acheck, money order, etc. to the seller.

With reference to FIG. 4B, the payment registration page 400, or asub-page thereof, further includes option fields 418 a-f. Option field418 a permits the user 102 to specify an amount of funds to betransferred by the computerized electronic auction payment system 110from sources specified in fields 402 and 404 to the user's electronicauction payment account, if the total amount of funds within the user'selectronic auction payment account is less than a user-specified amount.

Option field 418 b permits the user 102 to indicate an amount of fundsto be transferred by the computerized electronic auction payment system110 from sources specified in fields 402 and 404 to the user'selectronic auction payment account on a user-specified periodic basis,e.g., daily, weekly, or monthly. It is contemplated to charge the user aservice fee for providing this service.

Option fields 418 c-f are yes/no option fields. If the field is clicked,then the user 102 has indicated “yes”; if the field is not clicked, thenthe user 102 has indicated “no”. Option field 418 c permits the user 102to indicate whether the computerized electronic auction payment system110 should replenish, from sources specified in fields 402 and 404, anyfunds debited for at least transferring funds to other electronicauction payment accounts, e.g., upon effecting a payment after theconclusion of an auction, or the system account. It is contemplated tocharge the user a service fee for providing this service. The servicefee could be fixed, or variable based on the total amount of fundstransferred from sources specified in fields 402 and 404 to replenishthe user's electronic auction payment account.

Option field 418 d permits the user 102 to indicate whether thecomputerized electronic auction payment system 110 should use systemfunds, as stored within the system account, to effect payment for itemswon by the user 102, if the user's electronic auction payment accountdoes not have sufficient funds to effect payment for the item won.

It is contemplated that the computerized electronic auction paymentsystem 110 charges the user 102 interest for using system funds toeffect payment. The interest charged is stored within the user'selectronic auction payment account in order to allow the user 102 toview the outstanding interest charges by accessing his account. Thetotal interest charged to all the users is preferably stored in thesystem account database 120 to allow the system 110 to easily determinethe amount of interest due to the operator of the system 110. It isfurther contemplated that the computerized electronic auction paymentsystem 110 automatically, or on a periodic basis, withdraws funds whichare transferred to the user's electronic auction payment account andtransfers these funds to the system account database 120, if the system110 has used system funds to effect payment for the user 102 and thefunds are currently outstanding, i.e., not paid, in order to effectpayment to the operator of the system 110.

It is contemplated that the user provides authorization to the system110 prior to the system 110 automatically, or on a periodic basis,withdrawing or deducting funds which are transferred to the user'selectronic auction payment account. It is further contemplated to chargethe user a service fee and to deduct funds to cover the service fee forautomatically, or on a periodic basis, withdrawing funds from the user'selectronic auction payment account and transferring the funds to thesystem account. The service fee could be fixed, or variable based on thetotal amount of funds transferred to the system account.

It is further contemplated that the computerized electronic auctionpayment system “locks out” the user 102 from using the electronicauction web site, if the user 102 owes money greater than apredetermined amount to the system 110 and the user 102 has not paid apredetermined percentage of the money owed for a predetermined period oftime. For example, the user 102 gets “locked out” if he owes the system110 US$400 and has not paid 10% or US$40 to the system 110 during thelast four weeks.

Option field 418 e permits the user 102 to indicate whether thecomputerized electronic auction payment system 110 should effectinsurance coverage for items won by the user 102. This field alsopermits the user 102 to indicate a minimum final auction price foreffecting insurance coverage. For example, the user 102 can indicatethat the system 110 should effect insurance coverage only when the finalauction price is greater than or equal to US$500. An icon 419 isdisplayed which the user can click to view a listing of the insurancecharges for a range of final auction prices.

If the user 102 indicates in option field 418 e that the system 110should effect insurance coverage for items won where the final auctionprice is greater than or equal to the minimum final auction price, thenin every such instance, the system 110 also withdraws from (or, in casethere are insufficient funds in the user's electronic auction paymentaccount and the user 102 has indicated “yes” in option field 418 d,loans to) the user's electronic auction payment account an amount equalto the insurance charge for the item won, if the final auction price isgreater than or equal to the user-specified minimum final auction price.The system 110 stores these funds in the system account within thesystem account database 120 and then uses a portion of these funds, asdirected by the web server 116, to purchase insurance for the item wonby the user 102 from the external financial system 122 which may be anindependent or affiliated insurance company or broker. The system 110retains the other portion of the funds as an insurance purchase servicefee. The retained portion can be stored within the system account, orpreferably transferred to an interest-bearing account corresponding tothe operator of the system 110. The interest-bearing account can bemaintained by the external financial system 122. If the item turns outto be non-genuine and/or damaged, then the user 102 who bought insuranceon the item can make a claim, to recover the funds transferred to theseller.

It is also contemplated that field 418 e indicates to the user 102 thatby indicating “yes”, then any items won having a final auction pricegreater than or equal to the minimum final auction price are personallyguaranteed by the operator of the computerized electronic auctionpayment system 110 for a predetermined guarantee fee. Accordingly, theoperator of the computerized electronic auction payment system 110personally guarantees any auction items won by the user 102 which have afinal auction price which is greater than or equal to the user-specifiedminimum final auction price. Hence, the system 110 debits the winningbidder's electronic auction payment account to cover for personalguarantee fees and transfers the debited funds to the system accountmaintained by the system account database 120.

Option field 418 f permits the user 102 to indicate whether thecomputerized electronic auction payment system 110 should issue and mailchecks to the user 102. The user 102 can then use the issued checks todraft checks against his respective electronic auction payment account.The computerized electronic auction payment system 110 or an independentaccounting system, e.g., the external financial system 122, keeps trackof checks drafted against electronic auction payment accounts andinstructs the system 110 to deduct funds from the appropriate accounts.

The payment registration page 400 also offers the user 102 incentivesfor providing information in option fields 418 a and 418 b and forindicating “yes” to one or more of option fields 418 c-f. For example,as indicated by icon 420, the user 102 can be offered the incentive ofthe system 110 periodically adding a predetermined amount of funds tothe user's electronic auction payment account if the user 102 indicates“yes” in option fields 418 c-f. The user 102 can also be offered theincentive of the computerized electronic auction payment system 110paying any shipping and handling charges for items won by the user 102on the electronic auction web site.

The user 102 can also be offered incentives based on the amount of fundsperiodically transferred to his electronic auction payment account asindicated in option field 418 b. For example, if the user 102 transfersless than or equal to US$50 to his electronic auction payment accountevery week, then he has a 20% chance of winning a weekly sweepstakesdrawing for a prize as conducted by the electronic auction paymentsystem 110. If the user 102 transfers less than or equal to US$100 tohis electronic auction payment account every week, then he has a 30%chance of winning the weekly sweepstakes drawing as conducted by theelectronic auction payment system 110, and so on. A similar incentivecan also be offered to the user 102 based on an average amount of fundsused by the user 102 to buy auction items during a predetermined period,e.g., in a given month.

It is contemplated that these and other incentives are also indicated onthe electronic auction web site where unregistered and registered userscan view the incentives. For example, one incentive which could beoffered by the electronic auction payment system 110 and indicated onthe electronic auction web site is that all registered users of thesystem 110 are automatically entered in periodic sweepstakes where theyhave the opportunity to win various prizes, such as US$1,000.

Investment fields 422 are also provided by the payment registration page400 of the payment segment for the user 102 to indicate how he wants hisfunds within his electronic auction payment account invested, e.g., amoney market fund, a mutual fund account, etc. The funds can be investedby transferring the funds, upon instructions from the web server 116, tothe external financial system 122, which could be, for example, aninvestment brokerage firm's system. If none of the investment fields 422are selected by the user 102, the computerized electronic auctionpayment system 110 does not invest the user's funds.

The computerized electronic auction payment system 110 periodically addsfunds to the user's electronic auction payment account reflecting anyinterest accrued by investing the user's funds. The computerizedelectronic auction payment system 110 retains a portion of the interestaccrued by investing the user's funds as an investment service fee,prior to adding funds to the user's electronic auction payment account.The retained interest is stored within the system account, orpreferably, transferred to an interest-bearing account corresponding tothe operator of the system 110 and maintained by the external financialsystem 122. It is contemplated to provide incentives to the user 102 forauthorizing the computerized electronic auction payment system to investthe user's funds.

Upon entering the appropriate information on the payment registrationpage 400, the user 102 then clicks on a “NEXT” soft button 424. Uponclicking the “NEXT” soft button 424, the computerized electronic auctionpayment system 110 appends the respective electronic auction paymentaccount with the information entered in payment registration page 400and stores the appended electronic auction payment account within thedatabase of electronic auction payment accounts 114 (step 208 of FIG.2A).

At step 210, a confirmation message page (not shown) is then presentedto the user 102 indicating that his electronic auction payment accounthas been appropriately set up or changed (in case the user 102 accesseda previously set up electronic auction payment account and changed theinformation provided therein). The confirmation message page alsoindicates if any transactions are set to occur or have occurred basedupon the information entered in the payment registration page 400. Forexample, a message can indicate that US$325 was withdrawn from theuser's electronic auction payment account and transferred to the user'sbank account as specified in field 402. Another message can indicatethat US$325 was withdrawn from the user's bank account as specified infield 402 and transferred to the user's electronic auction paymentaccount.

It is contemplated that a message is also presented to the user 102asking for a confirmation from the user 102 prior to the computerizedelectronic auction payment system 110 proceeding with a specifiedtransaction, such as “By clicking the YES button, US$325 will betransferred to Republic Bank Account No. 4356123. By clicking the CANCELbutton, the transaction will be canceled.”

A description will now be provided with reference to FIG. 2B foreffecting a real-time payment using the computerized electronic auctionpayment system 110 at the conclusion of an electronic auction providedby the electronic auction system 112. The flow chart of FIG. 2Billustrates a real-time payment as initiated by the winning bidder byaccessing a payment page of the payment segment of the electronicauction web site or an independent auction payment web site. That is, ifthe user 102 has not indicated “yes” in automatic payment field 416. Asdescribed above, a real-time payment can also be performed in real-timeby the computerized electronic auction payment system 110 if the winningbidder has indicated “yes” in automatic payment field 416.

At step 220, after the winning bidder wins an auction item from theelectronic auction web site, the winning bidder initiates a real-timepayment, e.g., by clicking an icon on the electronic auction web site orby clicking a hyperlink provided on an e-mail transmitted by theelectronic auction system 112 to the winning bidder and seller foraccessing the payment segment. At step 222, the payment page, designatedby reference numeral 500 in FIG. 5, is accessed, and the winning bidderthen enters the amount of funds to be transferred to the seller in field502. The amount of funds to be transferred to the seller could be, forexample, the sum of the final auction price, the shipping and handingfees, and the taxes.

In the payment page 500, the winning bidder can also enter the amount offunds to be transferred to the system account database 120 in field 504,if the winning bidder elects to purchase insurance and/or have theoperator of the system 110 personally guarantee the item won. It isnoted that field 504 is already filled out by the system 110 if thewinning bidder has pre-designated in field 418 e for the system 110 toautomatically provide insurance and/or personally guarantee the itemwon, and the final auction price is greater than or equal to the minimumfinal auction price provided in field 418 e. The winning bidder canclick on icon 506 for a list of insurance prices, similarly, to icon419.

The payment page 500 also includes fields 508 providing variousinformation. Fields 508 can provide, for example, the auction itemnumber of the item won by the winning bidder, a description of the item,the seller's user-name, the buyer's user-name, and the final auctionprice. The winning bidder then enters his password in field 510, andthen clicks the “NEXT” soft button 512. Upon clicking the “NEXT” softbutton 512, the winning bidder accesses a confirmation page in step 224.The confirmation page is shown by FIG. 6 and designated generally byreference numeral 600.

The confirmation page 600 includes several fields: field 602 providesthe auction item number; field 604 provides the seller's user-name;field 606 provides the buyer's user-name; field 608 provides the amountof funds to be transferred to the seller as entered in field 502 of thepayment page 500; and field 610 indicates the amount of insurancepurchased or if no insurance was purchased.

Field 612 indicates the amount of funds within the winning bidder'selectronic auction payment account, and field 614 indicates the totalamount of system funds to be used, if there are insufficient funds inthe winning bidder's payment account and the winning bidder hasindicated in field 418 d for the system 110 to use system funds. Oncethe winning bidder has read the information provides by the confirmationpage, he then authorizes payment at step 226 by clicking the “PAYMENT”soft button 616.

Upon clicking the “PAYMENT” soft button 612, the computerized electronicauction payment system debits the winning bidder's electronic auctionpayment account in by an amount equal to the amount entered in field 502and credits the seller's electronic auction payment account and/or otheraccounts indicated by the seller in fields 402 and 404 in real-time, inaccordance with the percentages entered in field 410. Ifinsurance/personal guarantee has been specified by the winning bidder infield 504, the system 110 accordingly debits the winning bidder'selectronic auction payment account in real-time, as described above, topurchase insurance and/or personal guarantee the auction item and to payitself a service fee.

It is noted that if the winning bidder's electronic auction paymentaccount does not have sufficient funds, the system 110 loans systemfunds from the system account to the winning bidder to effect payment,if the winning bidder has so indicated in field 418 d. The amount offunds debited from the winning bidder's electronic auction paymentaccount are replenished from sources indicated in field 408, if thewinning bidder has so indicated in field 418 c. Further, a pre-specifiedamount of funds are transferred to the winning bidder's electronicauction payment account, if the total amount of funds in the winningbidder's payment account are less than the pre-specified amount of fundsas indicated in field 418 a, following the transfer of funds to theseller's electronic auction payment account.

The computerized electronic auction payment system 110 withholds apredetermined percentage of the funds entered in field 502 upon the“PAYMENT” soft button 612 being clicked. These funds are withheld by thesystem 110 to pay the commission fees of the operator of the system 110and/or the operator of the electronic auction system 112. The withheldfunds are preferably stored within the system account maintained by thesystem account database 120.

It is contemplated that the payment transaction is stopped if thewinning bidder does not have enough funds in his electronic auctionpayment account and has not indicated in field 418 d for thecomputerized electronic auction payment system 110 to use system funds.If this is the case, the system 110 informs the winning bidder by amessage upon the winning bidder clicking the “PAYMENT” soft button 612of the fact that the winning bidder does not have enough funds to effecta real-time payment of the item won. The winning bidder can thentransfer funds into his electronic auction payment account and thenre-access the payment page 500; authorize the system 110 to use systemfunds by clicking field 418 d and then re-access the payment page 500;or mail a check, money order, etc. to the seller.

At step 228, the computerized electronic auction payment system 110displays a bill of sale or receipt, as shown by FIG. 7 and designatedgenerally by reference numeral 700, indicating completion of thepayment. The bill of sale 700 includes several fields: field 702provides the auction item number; field 704 provides a description ofthe item won; field 706 provides the seller's user-name; field 708provides the winning bidder's user-name; field 710 provides theelectronic auction payment account number of the winning bidder'selectronic auction payment account; field 712 provides the amount offunds transferred to the seller; and field 714 indicates if insurancewas purchased by the winning bidder. The winning bidder can then clicksoft button 716 to print the bill of sale 700.

At step 230, an e-mail is transmitted to the winning bidder and theseller confirming the transaction. The e-mail also indicates the totalamount of funds debited, withheld and transferred, the mailing addressof the winning bidder, the auction item, and the final auction price.The mailing address of the winning bidder is preferably obtained fromthe database of electronic auction payment accounts 114. The auctionitem and the final auction price are obtained or transmitted from theelectronic auction system 112. The e-mail can further include ahyperlink for linking to a web site where the winning bidder and sellercan leave comments regarding their payment transaction. A hyperlink canalso be included for viewing and/or printing the bill of sale or receiptas shown by FIG. 7.

For simplicity only a particular type of electronic auction has beendescribed above in accordance with the system and method of the presentinvention. However, one skilled in the art can apply the inventivesystem and method to other types of electronic auctions via theelectronic auction web site, such as electronic Dutch auctions, anddirect purchase transactions, e.g., the “Buy It Now” feature offered byEBAY™, where the item offered for electronic auction sale via theelectronic auction web site is purchased before any bids are submittedby registered users of the electronic auction web site.

It is provided that the electronic auction payment system 110 and/or theelectronic auction system 112 store data relating to each item purchasedor sold over a given time period by the winning bidder (or otherelectronic auction participant, such as a direct purchaser, i.e., onewho purchases the item via a direct purchase) and seller, respectively.It is contemplated that the data are stored only if the winning bidder's(or other electronic auction participant's) and/or seller's electronicauction payment account was debited or credited, respectively. The dataare also stored if funds were loaned by the operator of the electronicauction payment system 110 to the winning bidder (or other electronicauction participant) to effect payment for the item purchased via theelectronic auction web site.

The data stored for each item includes, but not limited to,identification information, such as name, identification number,address, user-name, etc., for the winning bidder (or any purchaser ofthe item) and the seller; the type of item, e.g., ceramic plate, UnitedStates postage stamp, etc.; manufacturing information relating to theitem, e.g., the name of the manufacturer, the year the item wasmanufactured, and the place the item was manufactured; whether acertificate of authenticity or other similar document was provided bythe seller of the item; a final auction price or direct purchase pricefor the item; an indication of whether the item was sold via anelectronic auction or whether the item was sold by a direct purchase viathe electronic auction web site; total amount of funds transferred fromthe electronic auction payment account corresponding to the winningbidder or purchaser (in case of a direct purchase); the total amount offunds, if any, loaned to the winning bidder or purchaser to effectpayment for the item; a total amount of interest charges incurred iffunds were loaned to the winning bidder or purchaser; an auctioncategory for the item, such as antiques and art, books, collectibles,computers, home and garden, pottery and glass, stamps, and toys; and adale and time the final sale price for the item was determined.

The stored or maintained data are provided to the winning bidder (orpurchaser), the seller, and/or a third party, such as apromotions/marketing company, by the operator of the system 110 and/orsystem 112. It is contemplated that the data are provided to the thirdparty only if the winning bidder (or purchaser) and/or seller providedauthorization to the operator of the system 110 and/or system 112. It isfurther contemplated that at least a portion of the data isstatistically analyzed by the operator of the system 110 and/or system112 and is provided in statistical form, e.g., pie charts, bar graphs,percentages, etc. Further still, it is contemplated that at least aportion of the data is provided to the winning bidder (or purchaser),the seller, and/or a third party according to a periodic basis, such asdaily, weekly, monthly and/or yearly, and/or a user-specified timebasis. It is also contemplated that the operator of the system 110and/or system 112 charges a fixed or variable fee for maintaining and/orproviding the data. The fee could be charged to the winning bidder (orpurchaser), the seller, and/or the third party.

It is provided that the above-described methods of the presentinvention, in particular the method of maintaining and providing datarelating to items having been offered for sale via the electronicauction web site and purchased by a user of the electronic auction website, can be incorporated or expanded within systems maintaining orsupporting other electronic commerce web sites, such as electronictravel web sites and an electronic marketing web sites.

Although various preferred embodiments of the present invention havebeen described herein in detail, it will be appreciated by those skilledin the art, that variations may be made thereto without departing fromthe spirit of the invention or the scope of the appended claims.

1-54. (canceled)
 55. A method for automatically replenishing anelectronic payment account corresponding to a user of at least oneelectronic commerce web site, said method comprising the steps of:receiving authorization from the user prior to a termination event of anelectronic network transaction between the user and at least one otheruser of the at least one electronic commerce web site to execute anautomatic replenishment method after the termination event of theelectronic network transaction; and executing the automaticreplenishment method by at least one processor after the terminationevent of the electronic network transaction, wherein the automaticreplenishment method comprises: automatically accessing funds from apayment source corresponding to the user of the electronic commerce website; and automatically transferring at least a portion of said accessedfunds to the electronic payment account corresponding to the user. 56.The method according to claim 55, further comprising, prior toperforming the executing step, determining whether to execute theautomatic replenishment method, wherein the determining step comprises:determining if the amount of funds stored within the electronic paymentaccount corresponding to the user is less than a pre-defined amountafter the termination event of the electronic network transaction; anddetermining to perform the automatic replenishment method if the amountof funds stored within the electronic payment account corresponding tothe user is less than the pre-defined amount.
 57. The method accordingto claim 55, wherein the payment source is selected from the groupconsisting of a bank account and a credit card account, and wherein theamount of accessed funds is a pre-defined amount.
 58. The methodaccording to claim 55, wherein the step of receiving authorizationcomprises offering the user an option via a web page to enable anautomatic replenishment service capable of performing the automaticreplenishment method.
 59. The method according to claim 55, wherein theautomatic replenishment method further comprises: automaticallyaccessing the payment source at least once a during a predeterminedinterval and accessing funds from the payment source; and automaticallytransferring at least a portion of funds accessed during thepredetermined interval to the electronic payment account correspondingto the user.
 60. The method according to claim 59, wherein thepredetermined interval is specified by the user via at least one webpage and selected from the group consisting of a day, a week and amonth.
 61. The method according to claim 55, further comprising:receiving authorization from the user to invest the funds transferred tothe electronic payment account; investing the funds in a money marketfund if authorization is received from the user; and periodically addingfunds to the electronic payment account corresponding to the user,wherein the added funds reflect at least a portion of interest accruedby investing the funds transferred to the electronic payment account.62. The method according to claim 55, further comprising: determining ifthere are sufficient funds in the electronic payment accountcorresponding to the user prior to effecting payment for the electronicnetwork transaction; and loaning funds to effect payment, if there arenot sufficient funds in the electronic payment account corresponding tothe user.
 63. A system for automatically replenishing an electronicpayment account corresponding to a user of at least one electroniccommerce web site, said method comprising the steps of: means forreceiving authorization from the user prior to a termination event of anelectronic network transaction between the user and at least one otheruser of the at least one electronic commerce web site to execute anautomatic replenishment method after the termination event of theelectronic network transaction; and means for executing the automaticreplenishment method after the termination event of the electronicnetwork transaction, wherein the automatic replenishment methodcomprises: automatically accessing funds from a payment sourcecorresponding to the user of the electronic commerce web site; andautomatically transferring at least a portion of said accessed funds tothe electronic payment account corresponding to the user.
 64. The systemaccording to claim 63, further comprising means for determining whetherto execute the automatic replenishment method, wherein the means fordetermining comprises: means for determining if the amount of fundsstored within the electronic payment account corresponding to the useris less than a pre-defined amount after the termination event of theelectronic network transaction; and means for determining to perform theautomatic replenishment method if the amount of funds stored within theelectronic payment account corresponding to the user is less than thepre-defined amount.
 65. The system according to claim 63, wherein thepayment source is selected from the group consisting of a bank accountand a credit card account, and wherein the amount of accessed funds is apre-defined amount.
 66. The system according to claim 63, wherein themeans for receiving authorization comprises means for offering the useran option via a web page to enable an automatic replenishment servicecapable of performing the automatic replenishment method.
 67. The systemaccording to claim 63, wherein the automatic replenishment methodfurther comprises: automatically accessing the payment source at leastonce a during a predetermined interval and accessing funds from thepayment source; and automatically transferring at least a portion offunds accessed during the predetermined interval to the electronicpayment account corresponding to the user.
 68. The system according toclaim 67, wherein the predetermined interval is specified by the uservia at least one web page, and wherein the predetermined interval isselected from the group consisting of a day, a week and a month.
 69. Thesystem according to claim 63, further comprising: means for receivingauthorization from the user to invest the funds transferred to theelectronic payment account; means for investing the funds transferred tothe electronic payment account corresponding if authorization isreceived from the user; and means for periodically adding funds to theelectronic payment account corresponding to the user, wherein the addedfunds reflect at least a portion of interest accrued by investing thefunds transferred to the electronic payment account.
 70. The systemaccording to claim 63, further comprising: means for determining ifthere are sufficient funds in the electronic payment accountcorresponding to the user prior to effecting payment for the electronicnetwork transaction; and means for loaning funds to effect payment, ifthere are not sufficient funds in the electronic payment accountcorresponding to the user.
 71. A method for automatically replenishingan electronic payment account corresponding to a user of at least oneelectronic commerce web site, said method comprising the steps of:receiving authorization from the user to execute an automaticreplenishment method by at least one processor during a predeterminedinterval; and executing the automatic replenishment method by the atleast one processor during the predetermined interval, wherein theautomatic replenishment method comprises: automatically accessing fundsfrom a payment source corresponding to the user of the electroniccommerce web site; and automatically transferring at least a portion ofsaid accessed funds to the electronic payment account corresponding tothe user.
 72. The method according to claim 71, wherein the paymentsource is selected from the group consisting of a bank account and acredit card account, and wherein the amount of accessed funds is apre-defined amount.
 73. The method according to claim 71, wherein thestep of receiving authorization comprises offering the user an optionvia a web page to enable an automatic replenishment service capable ofperforming the automatic replenishment method.
 74. The method accordingto claim 71, wherein the automatic replenishment method furthercomprises: determining if the amount of funds stored within theelectronic payment account corresponding to the user is less than apre-defined amount after a termination event of an electronic networktransaction; automatically accessing funds from the payment sourcecorresponding to the user of the electronic commerce web site if theamount of funds stored within the electronic payment account is lessthan the pre-defined amount; and automatically transferring at least aportion of said accessed funds from the previous step to the electronicpayment account corresponding to the user.
 75. The method according toclaim 71, wherein the predetermined interval is specified by the uservia at least one web page, and wherein the predetermined interval isselected from the group consisting of a day, a week and a month.
 76. Themethod according to claim 71, further comprising: receivingauthorization from the user to invest the funds transferred to theelectronic payment account; investing the funds in a money market fundif authorization is received from the user; and periodically addingfunds to the electronic payment account corresponding to the user,wherein the added funds reflect at least a portion of interest accruedby investing the funds transferred to the electronic payment account.77. The method according to claim 71, further comprising: determining ifthere are sufficient funds in the electronic payment accountcorresponding to the user prior to effecting payment for an electronicnetwork transaction; and loaning funds to effect payment, if there arenot sufficient funds in the electronic payment account corresponding tothe user of the at least one electronic commerce web site.
 78. A systemfor automatically replenishing an electronic payment accountcorresponding to a user of at least one electronic commerce web site,said system comprising: means for receiving authorization from the userto execute an automatic replenishment method during a predeterminedinterval; and means for executing the automatic replenishment methodduring the predetermined interval, wherein the automatic replenishmentmethod comprises: automatically accessing funds from a payment sourcecorresponding to the user of the electronic commerce web site; andautomatically transferring at least a portion of said accessed funds tothe electronic payment account corresponding to the user.
 79. The systemaccording to claim 78, wherein the payment source is selected from thegroup consisting of a bank account and a credit card account, andwherein the amount of accessed funds is a pre-defined amount.
 80. Thesystem according to claim 78, wherein the means for receivingauthorization comprises means for offering the user an option via a webpage to enable an automatic replenishment service capable of performingthe automatic replenishment method.
 81. The system according to claim78, wherein the automatic replenishment method further comprises:determining if the amount of funds stored within the electronic paymentaccount corresponding to the user is less than a pre-defined amountafter a termination event of an electronic network transaction;automatically accessing funds from the payment source corresponding tothe user of the electronic commerce web site if the amount of fundsstored within the electronic payment account is less than thepre-defined amount; and automatically transferring at least a portion ofsaid accessed funds from the previous step to the electronic paymentaccount corresponding to the user.
 82. The system according to claim 78,wherein the predetermined interval is specified by the user via at leastone web page, and wherein the predetermined interval is selected fromthe group consisting of a day, a week and a month.
 83. The systemaccording to claim 78, further comprising: means for receivingauthorization from the user to invest the funds transferred to theelectronic payment account; means for investing the funds transferred tothe electronic payment account corresponding if authorization isreceived from the user; and means for periodically adding funds to theelectronic payment account corresponding to the user, wherein the addedfunds reflect at least a portion of interest accrued by investing thefunds transferred to the electronic payment account.
 84. The systemaccording to claim 78, further comprising: means for determining ifthere are sufficient funds in the electronic payment accountcorresponding to the user prior to effecting payment for the electronicnetwork transaction; and means for loaning funds to effect payment, ifthere are not sufficient funds in the electronic payment accountcorresponding to the user.
 85. In an integrated electronic commerce andpayment system, a method for automatically replenishing an electronicpayment account corresponding to a user of at least one electroniccommerce web site maintained by said integrated system and effectingpayment using said electronic payment account, said method comprisingthe steps of: maintaining an electronic database of a plurality ofelectronic payment accounts corresponding to a plurality of users,including the user, of said electronic commerce web site and a paymentsegment of said electronic commerce web site by said integrated system,each of said plurality of electronic payment accounts storing fundstherein and each capable of being used for electronic networktransactions; executing an automatic replenishment method by the atleast one processor, wherein the automatic replenishment methodcomprises: automatically accessing funds from a payment sourcecorresponding to the user of the electronic commerce web site; andautomatically transferring at least a portion of said accessed funds tothe electronic payment account corresponding to the user; performing atleast one payment-related activity by the at least one processor of saidintegrated system for effecting payment for said user, said at least onepayment-related activity selected from the group consisting of debitingthe electronic payment account corresponding to the user and maintainedby said integrated system, and withdrawing funds from at least oneaccount storing funds therein and not corresponding to at least one ofthe plurality of users; and crediting by the at least one processor atleast one account corresponding to another user to effect payment. 86.The method according to claim 85, further comprising, prior toperforming the executing step, determining whether to execute theautomatic replenishment method, wherein the determining step comprises:determining if the amount of funds stored within the electronic paymentaccount corresponding to the user is less than a pre-defined amount; anddetermining to perform the automatic replenishment method if the amountof funds stored within the electronic payment account corresponding tothe user is less than the pre-defined amount.
 87. The method accordingto claim 85, wherein the payment source is selected from the groupconsisting of a bank account and a credit card account, and wherein theamount of accessed funds is a pre-defined amount.
 88. The methodaccording to claim 85, wherein the automatic replenishment methodfurther comprises: automatically accessing the payment source at leastonce a during a predetermined interval and accessing funds from thepayment source; and automatically transferring at least a portion offunds accessed during the predetermined interval to the electronicpayment account corresponding to the user.
 89. The method according toclaim 88, wherein the predetermined interval is specified by the uservia at least one web page, and wherein the predetermined interval isselected from the group consisting of a day, a week and a month.
 90. Anintegrated electronic commerce and payment system comprising: anelectronic database of a plurality of electronic payment accountscorresponding to a plurality of users of an electronic commerce website, each of said plurality of electronic payment accounts storingfunds therein and each capable of being used for electronic networktransactions; executing an automatic replenishment method by the atleast one processor, wherein the automatic replenishment methodcomprises: automatically accessing funds from a payment sourcecorresponding to a user of the electronic commerce web site; andautomatically transferring at least a portion of said accessed funds toan electronic payment account corresponding to the user; performing atleast one payment-related activity by the at least one processor of saidintegrated system for effecting payment for said user, said at least onepayment-related activity selected from the group consisting of debitingthe electronic payment account corresponding to the user, andwithdrawing funds from at least one account storing funds therein andnot corresponding to at least one of the plurality of users; andcrediting by the at least one processor at least one accountcorresponding to another user to effect payment.
 91. The systemaccording to claim 90, further comprising means for determining whetherto execute the automatic replenishment method, wherein the means fordetermining comprises: means for determining if the amount of fundsstored within the electronic payment account corresponding to the useris less than a pre-defined amount; and means for determining to performthe automatic replenishment method if the amount of funds stored withinthe electronic payment account corresponding to the user is less thanthe pre-defined amount.
 92. The system according to claim 90, whereinthe payment source is selected from the group consisting of a bankaccount and a credit card account, and wherein the amount of accessedfunds is a pre-defined amount.
 93. The system according to claim 90,wherein the automatic replenishment method further comprises:automatically accessing the payment source at least once a during apredetermined interval and accessing funds from the payment source; andautomatically transferring at least a portion of funds accessed duringthe predetermined interval to the electronic payment accountcorresponding to the user.
 94. The system according to claim 93, whereinthe predetermined interval is specified by the user via at least one webpage, and wherein the predetermined interval is selected from the groupconsisting of a day, a week and a month.
 95. An automatic replenishmentmethod comprising the steps of: automatically accessing funds from apayment source corresponding to a user of an electronic commerce website; and automatically transferring at least a portion of said accessedfunds to an electronic payment account corresponding to the user, saidelectronic payment account storing funds therein and capable of beingused for electronic network transactions associated with the electroniccommerce web site; wherein the funds are automatically accessed if theamount of funds stored within the electronic payment accountcorresponding to the user is less than a pre-defined amount.
 96. Asystem comprising at least one processor for executing an automaticreplenishment method comprising the steps of: automatically accessingfunds from a payment source corresponding to a user of an electroniccommerce web site; and automatically transferring at least a portion ofsaid accessed funds to an electronic payment account corresponding tothe user, said electronic payment account storing funds therein andcapable of being used for electronic network transactions associatedwith the electronic commerce web site; wherein the funds areautomatically accessed if the amount of funds stored within theelectronic payment account corresponding to the user is less than apre-defined amount.
 97. An automatic replenishment method comprising thesteps of: automatically accessing funds from a payment sourcecorresponding to a user of an electronic commerce web site; andautomatically transferring at least a portion of said accessed funds toan electronic payment account corresponding to the user, said electronicpayment account storing funds therein and capable of being used forelectronic network transactions associated with the electronic commerceweb site; wherein the funds are automatically accessed at least once aduring a predetermined interval.
 98. The method according to claim 96,wherein the predetermined interval is specified by the user via at leastone web page, and wherein the predetermined interval is selected fromthe group consisting of a day, a week and a month.
 99. A systemcomprising at least one processor for executing an automaticreplenishment method comprising the steps of: automatically accessingfunds from a payment source corresponding to a user of an electroniccommerce web site; and automatically transferring at least a portion ofsaid accessed funds to an electronic payment account corresponding tothe user, said electronic payment account storing funds therein andcapable of being used for electronic network transactions associatedwith the electronic commerce web site; wherein the funds areautomatically accessed at least once a during a predetermined interval.100. The system according to claim 99, wherein the predeterminedinterval is specified by the user via at least one web page, and whereinthe predetermined interval is selected from the group consisting of aday, a week and a month.